Targeted
Medical Pharma, Inc. (OTCQB: TRGM), a biotechnology company that
develops and distributes prescription medical foods, convenience kits
and generic pharmaceuticals to physicians and pharmacies for the
treatment of chronic disease, today announced it secured $3.28 million
from the securitization of certain aged receivables through an agreement
with New Jersey-based Cambridge Medical Funding Group, LLC (“CMFG”).
CMFG funded $750,000 on June 29, 2013 and has agreed to fund the balance
before July 31, 2013.
“Through this funding we are able to leverage a significant off balance
sheet asset to invest in the expansion and acceleration of our sales and
marketing efforts,” said William Shell, M.D., CEO and Chief Science
Officer at Targeted Medical Pharma. “The additional revenue will be used
to help sustain our rapid growth as we continue to leverage the
increasing clinical adoption of medical foods.”
Based in Glen Rock, New Jersey, Cambridge Medical Funding Group provides
specialized finance solutions to hospitals, surgical centers and medical
providers, funds receivables and providing guaranteed upfront payments
to these providers.
As of June 30, 2012, Targeted Medical Pharma had approximately $34.6
million in aged receivables. Maxim Group LLC acted as financial advisor
on the transaction.
Visit http://www.sec.gov
for additional details regarding the funding.
About Targeted Medical Pharma, Inc.
Targeted
Medical Pharma, Inc. is a Los Angeles-based biotechnology company
that develops prescription medical
foods for the treatment of chronic disease, including pain
syndromes, peripheral neuropathy, hypertension, obesity, sleep and
cognitive disorders. The company manufactures 10 proprietary
prescription-only medical foods, as well as 48 convenience packed kits,
which pair a medical food and branded or generic pharmaceutical. These
prescription medical foods and therapeutic systems are sold to
physicians and pharmacies in the U.S. and the Middle East through the
company’s subsidiary, Physician
Therapeutics. These proprietary medications represent a novel
approach to the management of certain disease states, focusing on safety
and efficacy without the deleterious side effects of traditional, high
dose prescription drugs. The company is developing nutrient-based
systems for oral stimulation of progenitor stem cells that differentiate
into neurons, red blood cells, pituitary hormones including IGF-I.
Targeted Medical Pharma also provides diagnostic testing as well as
billing and collection services on behalf of dispensing physicians.
Forward Looking Statement
This press release may contain forward-looking statements related to
Targeted Medical Pharma’s business strategy, outlook, objectives, plans,
intentions or goals. The words "may," "will," "should," "plans,"
"explores," "expects," "anticipates," "continue," "estimate," "project,"
"intend," and similar expressions, identify forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995, but their absence does not mean that the statement is not
forward-looking. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties, and
assumptions that are difficult to predict. Actual results could differ
materially. Targeted Medical Pharma expressly disclaim any obligation or
undertaking to update or revise any forward-looking statement contained
herein to reflect any change in the company's expectations with regard
thereto or any change in events, conditions or circumstances upon which
any statement is based.
Copyright Business Wire 2013